World oil flow slips in 1991 amid Mideast, U. S. S. R. woes
World crude oil production slipped 0.9% in 1991 to average 59,964 million b/d. This paper reports that production declines related to war damage in Kuwait, United Nations sanctions on exports from Iraq, and oil sector woes in the crumbling U.S.S.R. were almost offset by higher production from other members of the Organization of Petroleum Exporting Countries. OPEC crude production rose 0.6% in 1991 to average 23.425 million b/d, and non-OPEC output fell 1.9% to average 36.539 million b/d in 1991. Excluding the U.S.S.R., non-OPEC production moved up 1.5% to average 26.239 million b/d. World demand inched up about 200,000 b/d, estimates International Energy Agency, and IEA data show about 300,000 b/d was added to stocks in 1991. World crude prices started 1991 at their highest level, then fell off to average $17.82/bbl, down 16.5% from 1990 levels. Meantime, a slight increase in demand is predicted for 1992, and price stability again hinges on OPEC's ability to limit production.
- OSTI ID:
- 5603723
- Journal Information:
- Oil and Gas Journal; (United States), Vol. 90:10; ISSN 0030-1388
- Country of Publication:
- United States
- Language:
- English
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Related Subjects
29 ENERGY PLANNING
POLICY AND ECONOMY
OIL FIELDS
PRODUCTIVITY
PETROLEUM
EXPORTS
PRICES
SUPPLY AND DEMAND
PETROLEUM INDUSTRY
GLOBAL ASPECTS
MIDDLE EAST
OECD
OPEC
ENERGY SOURCES
FOSSIL FUELS
FUELS
GEOLOGIC DEPOSITS
INDUSTRY
INTERNATIONAL ORGANIZATIONS
MINERAL RESOURCES
OIL-EXPORTING COUNTRIES
PETROLEUM DEPOSITS
RESOURCES
TRADE
020700* - Petroleum- Economics
Industrial
& Business Aspects
294002 - Energy Planning & Policy- Petroleum
290201 - Energy Planning & Policy- Economics- (1992-)
290400 - Energy Planning & Policy- Energy Resources